Oil prices have climbed sharply again as renewed fighting between the United States and Iran raises fresh concerns about the safety of shipments through the Strait of Hormuz.
Brent crude rose more than 2% on Monday, moving back above $90 a barrel, after U.S. forces struck two Iranian launchers on Larak Island in the Strait of Hormuz. Iran responded by attacking U.S. military positions in Jordan, adding to fears that the conflict could enter another dangerous phase.
The latest escalation has quickly unsettled oil markets. Brent futures reached around $90.32 a barrel, while U.S. West Texas Intermediate crude climbed to about $85.41. Traders are particularly concerned that further fighting could disrupt one of the world's most important energy shipping routes.
The Strait of Hormuz is crucial to the global energy market, carrying roughly one-fifth of the world's energy exports before the current conflict. Shipping activity has already fallen significantly as companies become increasingly cautious about sending vessels through the area.
For consumers and businesses around the world, another sustained rise in oil prices could mean higher fuel, transportation and production costs. It could also add to inflationary pressure at a time when major central banks are closely watching energy prices.
Markets are now waiting to see whether the latest exchange of attacks remains limited or develops into a broader confrontation. For now, the renewed violence has brought the risk of supply disruption back to the forefront and pushed oil prices sharply higher once again.
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